Palin, gas line team issue pipeline license

FAIRBANKS - Gov. Sarah Palin made the Alaska Gasline Inducement Act license official on Friday.

She joined Natural Resources Commissioner Tom Irwin and Revenue Commissioner Pat Galvin in Fairbanks to formally award the gas line license to TransCanada's executives.

Irwin said this was "a huge step forward in the development of Alaska's natural gas resources."

In August, the Legislature backed Palin and approved a license, which comes with up to $500 million in state seed money for TransCanada.

The license does not guarantee construction, but the Calgary company must move forward toward federal certification.